The Amazing Price Drop of a Suburban HUD Home
The trend continues! More and more upscale Columbus HUD homes are becoming available for owner occupants, while the number of properties for investors dropped to only 39. HUD added 26 new Columbus houses this week. The average listing price jumped to $83,449.
There are great deals to be had, if you are a little patient! Let me tell you about a ridiculously low offer HUD accepted on a Hilliard Home. We personally looked at this home - it's at 5805 Thorngate Dr - Galloway address, but Hilliard schools.
Here's the story. This Columbus HUD Home was appraised and listed by HUD for $164,000 starting early January 2009. Retail property values in this subdivision are $175,000, so it was a good offer for an owner occupant. The house did not need much work and was basically in move in condition. HUD accepted an offer on Jan 26, 2009 for a little over asking price. HUD would net 95% of appraised value.
The new buyer scheduled a property inspection, and for that purpose, utilities had to be turned on. As soon as the main switch was on, water came down through the dining room ceiling. Some of the bathroom pipes and seals must have broken, which would require a couple thousand dollars in repairs.
Next a 60 mph storm swept through Columbus and some patches of shingles flew off the roof. The buyer requested a higher repair escrow which HUD did not approve. So the buyer cancelled the contract.
HUD relisted the property immediately. Within one week they accepted $125,000 from another buyer. That is $40,000 less than the previous offer! Wow!
Congratulations to the new buyer! This is a wonderful deal. You go this house for 77% of HUD's appraised value.
Just shows you - it's worth being patient. We see it every week. When a house is relisted, and if there is some indication of water damage, HUD is giving it away!
While many suburban homes sell for more than asking price during the first 10 days, it is better to wait and see if a property falls out of contract. That's when you get the really great deals.
I look forward to helping bid on your next HUD home soon!
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650
http://ColumbusOhioHUDHomes.com
This week you will find a large number of newer homes on your Columbus HUD Homes Map. HUD added 24 new listings, most of them in the suburbs. The average listing price reached almost $80,000 this week.
Listing Statistics
Total homes available: 120 (last week: 104)
Owner occupants: 74
All bidders: 46
New listings: 24
Price reduced: 50
Median Price: $70,000
Average Price: $78,588
Highest Price: $205,000
Lowest Price: $4,500
Homes less than $50,001: 41 (last week: 41)
Between $50,001 & $100,000: 48 (last week: 41)
More than $100,000: 31 (last week: 22)
Many new suburban homes are listed at very affordable prices. Just look at what's available in Grove City and in Westerville. Combined with the $8,000 tax credit available to first time buyers and the $2,500 closing cost credit from HUD, buying a home is now more affordable than ever.
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650 http://ColumbusOhioHUDHomes.com
Boomerang Homes Keep Coming Back at a Lower Price
It seems that some Columbus HUD Homes keep coming back on the market a number of times. We call them BOOMERANG HOMES. Officially these Columbus Houses are "re-listed", because they fell out of contract. We don't know why contracts are cancelled, but the two major reasons are failing a property inspection and problems with financing for the buyer.
The condition of a property can certainly deteriorate after the offer was made. Remember the heavy wind earlier this week? A Columbus house we have in contract suffered significant roof damage during the storm. So we asked HUD to increase their repair escrow and cover the additional expenses. The request was granted, which shows that HUD is pretty motivated and wants to get contracts closed.
Here are 4 Boomerang Homes we previously featured on this blog.
4 Unit Brick Building on 2903 E 9th Ave., Columbus, OH
price reducted, now listed at 60% of appraised value - relist: 3rd time
Golf Course Home in Hilliard, 3262 Andrew James Drive, Hilliard, OH
price reduced 10%, now asking 75% of comparable sales, relist: 2nd time
Split-level home on East Side, 5640 Oakmont Drive, Columbus, OH
same price, great value, relist: 2nd time
Freestanding condo, 3889 SHANNON GREEN DR, Canal Winchester, OH
all appliances, relist: 2nd time
Re-listed Columbus HUD Homes are available for owner occupants only for the first 5 days, then bidding opens up to all investors. Call or email to make an offer!
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650 http://ColumbusOhioHUDHomes.com
Listing Statistics for 2/13/09
Total homes available: 104 (last week: 116)
Owner occupants: 61
All bidders: 43
New listings: 16
Price reduced: 45
Median Price: $65,850
Average Price: $72,749
Highest Price: $197,000
Lowest Price: $8,000
Homes less than $50,001: 41 (last week: 44)
Between $50,001 & $100,000: 41 (last week: 44)
More than $100,000: 22 (last week: 28)
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650 - http://ColumbusOhioHUDHomes.com
Yesterday I told you about this condo in Westerville:
HUD OWNED CONDO IN WESTERVILLE!
Case Number 413-409446
It had been in contract twice, and the contract fell through both times. Well, its' in contract again, and let's hope the 3rd time is the charm!
Here are the facts:
RE-LISTED AGAIN! NOW ONLY $72,000
APPRAISED AS-IS: $90,000
Offer Accepted on 02/11/09: $70,000
Net to HUD $67,200 = 75% of as-is appraised value
This lucky owner-occupant got a great deal on a condo that is almost in move-in condition!
To read more about bidding on HUD Homes or see pictures of featured HUD Listings, please visit my blog http://ColumbusOhioHUDHomes.com
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
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My mission statement: To provide exceptional customer service and to respond to you quickly ALWAYS! Read my blog on everything HUD home related http://ColumbusOhioHUDHomes.com
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